2.5 storey shophouse at 8 Smith Street. Photo: Knight Frank
A portfolio of three conservation shophouses in District 1 – at Telok Ayer Street, Stanley Street and Smith Street – has been put up for sale by expression of interest (EOI) for a total of $31 million.
“The properties can be purchased individually or as a portfolio,” said Knight Frank, which has been appointed by a trust company to handle the sale.
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The 2.5-storey intermediate shophouse at 151 Telok Ayer Street has a guide price of $11.7 million.
Situated within the Telok Ayer Conservation Area, just 200 metres away from the Telok Ayer MRT station, the freehold shophouse is near the junction of Cross Street and Telok Ayer Street. It has a built-up area of around 297.36 sq m (3,198 sq ft) and a land area of about 146.2 sq m (1,574 sq ft).
Knight Frank noted that its ground floor space could be used as an F&B outlet, subject to the approval of authorities.
The 2.5-storey intermediate shophouse at 14 Stanley Street, on the other hand, has a guide price of $11.5 million.
With a land area of about 138.5 sq m (1,491 sq ft), the freehold shophouse off Cecil Street within the Telok Ayer Conservation Area has a built-up area of around 306.17 sq m (3,295 sq ft). It is situated 300 metres away from Telok Ayer MRT station.
The ground floor space may be used as a restaurant and the upper floors as offices, said Knight Frank.
Finally, the two-storey corner shophouse at 8 Smith Street is offered for $7.8 million.
Located within the Kreta Ayer Conservation Area, the shophouse is near the upcoming Maxwell MRT station and is within the prime area of Chinatown. It has a 200-year leasehold tenure that started from August 1872.
The shophouse has a land area of about 194.7 sq m (2,096 sq ft) and a built-up area of around 330.72 sq m (3,559 sq ft). Its ground floor space is leased to a restaurant, while the upper level is used as an office.
Since all three are zoned for Commercial use under the 2019 Master Plan, both local and foreign buyers can acquire the shophouses, with no Additional Buyer’s Stamp Duty payable.
Ian Loh, Head of Capital Markets for Land & Building, Collective & Strata Sales, Knight Frank Singapore, said demand for shophouses located within Districts 1 and 2 has increased since the city-state exited the circuit breaker period.
“Since 2 June 2020, there have been seven shophouse transactions in Districts 1 and 2 totalling $72.23 million, exceeding the four shophouse transactions totalling $20.62 million in the first half of 2020,” he revealed.
“We received strong response during the last round of EOI for the portfolio of shophouses along Ann Siang Road and Keong Saik Road, and believe this wave of interest will continue,” he added.
The EOI exercise for all three shophouses closes on 3 November.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com